Jason Goepfert

9-22-2020 at 5:32 pm

Daily Report : Streak of highs beating lows finally ends; Broader market is shaking off the influence of Big Tech

For the first time in more than 4 months, there were more 52-week lows than 52-week highs among securities traded on the NYSE. Stocks struggle when this figure is negative; the sole caveat is that after a long streak of positive momentum, the first drop into negative territory has preceded good medium-term returns.; In recent years, the S&P 500 has been highly correlated to changes in the Nasdaq 100. That has plunged lately as the market has shrugged off the influence of big tech stocks. Other times when the correlation between them dropped, it was a shorter-term weight on tech.

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